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/REPEATING FROM THURSDAY'S FILE FOR POINTS NEEDING/SPHINX ESTABLISHES NEW WHOLLY OWNED SUBSIDIARY.

       /REPEATING FROM THURSDAY'S FILE FOR POINTS NEEDING/
         SPHINX ESTABLISHES NEW WHOLLY OWNED SUBSIDIARY
    FORT SMITH, Ark., Jan. 30 /PRNewswire/ -- Sphinx Natural Resources, Inc. (NASDAQ: SPNX) has announced a new wholly owned subsidiary, Natural Resources Operating, Inc.
    The subsidiary will direct all overseas oil and gas operations of Sphinx.  The subsidiary has completed arrangements to become a charter member of MegaOil U.S.A./Vista Joint Venture, Inc.
    The subsidiary will serve as project manager and will provide its operational expertise and will coordinate all activities for the 10 company consortium within MegaOil U.S.A./Vista Joint Venture, Inc.
    MegaOil U.S.A./Vista Joint Venture, Inc. is in the final stages of negotiations with several republics of the former Soviet Union to expand exploration and enhance existing production within established oil and gas fields.
    Gordon Allison, a financial consultant, Oklahoma City, Okla., negotiated the position of Natural Resources Operating, Inc. within the MegaOil U.S.A./Vista Joint Venture, Inc. consortium.
    Sphinx Natural Resources, Inc., which until late 1990 was primarily a gold mining company, continues its strategic diversification program into oil and gas development.  This announcement reflects the company's continuing commitment to capitalize in the natural resource areas.
    -0-                 1/30/92 R
    /CONTACT:  Tony Viele of Grand Production Company, 405-848-1212/
    (SPNX) CO:  Sphinx Natural Resources, Inc.; MegaOil U.S.A./Vista Joint Venture,
     Inc. ST:  Arkansas IN:  OIL SU:


BR-BN -- AT016 -- 6204 02/03/92 12:395155/
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 3, 1992
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